The global solar panel market is anticipated to grow at a significant CAGR of 12.2% during the forecast period. Solar energy is one of the cleanest and most reliable energy sources and is proving to be a viable alternative to fossil fuels that currently pollute the environment and contribute to global warming. Solar energy is generated by many different technologies such as solar power, solar thermal, concentrated solar heat (electricity), and concentrated PV. However, a vast opportunity can be seen in the future due to an increase in environmental concern, increasing demand for green energy, and a decrease in solar panel prices in both developing and underdeveloped economies. Growing environmental concerns such as carbon emission, air pollution, and global warming are the major factors due to which the adoption of rooftop solar panels is rising. The major reason for increasing pollution is the extensive use of fossil fuels to generate energy in various verticals across the globe and the rising awareness and government initiatives of green energy from emerging economies such as India, China, the US, and Germany. Furthermore, Extensive adoption of rooftop solar panels in various end-user applications has been witnessed owing to the shifting preferences of consumers towards clean energy sources than non-renewable energy sources. Various government initiatives such as feed-in-tariff (FIT) programs to increase the installation of solar panels in commercial as well as residential is driving the growth of the market.

Moreover, certain factors are restraining the market such as the high cost of installation and maintenance cost of the solar panels. A certain amount of land must be devoted to the installation of panels, and the amount of space required increases as the amount of energy increases obligatory. Once the panels are installed, the area can no longer be used for other purposes, which acts as a brake on the growth of solar panels. 

Impact of COVID-19 Pandemic on Global Solar Panel Market

The COVID-19 situation has created large, significant challenges across a wide range of corporate sectors across the globe, as well as contributing to significant global economic volatility. Due to the interrupted supply lines of solar equipment, the solar energy sector was not immune to the pandemic's effects. The first slowdown in manufacturing, mostly in China, resulted in project delays in several nations, including India.

Segmental Outlook 

The global Solar panel market is segmented based on technology and end-user. Based on the technology the market is further classified into mono-crystalline, polycrystalline silicon, thin-film solar panel, and others (amorphous silicon). Based on end-user, the market is segmented into residential, commercial, and Industrial. 

Global Solar Panel Market Share by Technology, 2021 (%)

The Polycrystalline Silicon Solar Panel Segment is Expected to Hold a Prominent Share in the Global Solar Panel Market

The polycrystalline silicon solar panel segment is anticipated to hold a significant share in the market, owing to the low cost of panels as compared to the monocrystalline solar panel along with considerable efficiency. Polycrystalline silicon consists of small grains of monocrystalline silicon. Cube-shaped ingots can be made directly by casting molten polysilicon, which is then cut into wafers similar to monocrystalline wafers. Common brands of panels made up of polycrystalline modules include SunTech Power, BP SX (formerly Solarex), Canadian Solar, Jaiwei, Kyocera, Luxor, Mitsubishi Electric, Quantum Solar, and many more. Polycrystalline are becoming commonly used in solar panels for residential purpose. It can well manage heat except for extreme conditions where these panels are exposed to really high temperatures.

Regional Outlooks

The global solar panel market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. The Asia-Pacific region is anticipated to be the fastest-growing region in the solar panel market owing to the presence of a large number of market players within the region such as Canadian Solar Inc., JinkoSolar Holding Co., Ltd., and Trina Solar Co., Ltd, which are significantly contributing to the market. 

Global Solar Panel Market Growth, by Region 2022-2028

The Asia-Pacific Region is Anticipated to hold the Prominent Share in the Global Solar Panel Market

The Asia-Pacific is estimated to have a significant market share in the global solar panel market during the forecast period. The major economies such as China, Australia, Japan, South Korea, India, and Singapore are significantly contributing to the growth of the market during the forecast period. Further, in these regions, there is high adoption of solar plants in the manufacturing industry. Other key market players are investing in the Asia-Pacific region due to affordable labor and high solar radiation. The growing trend towards green energy resources has also influenced the growth within the region at an extensive level. Partnerships with other countries have also played a vital role in the growing installations within the region. For instance, in 2020, India has begun construction on a 750-megawatt solar power project. In addition, China is expected to deploy about 48.2 GW of solar in 2020, according to forecasts. The industry's development will also be aided by a rising focus on ramping up new generation capacity and greater deployment of various solar technologies.

Market Players Outlook

The major players that contribute to the growth of the global solar panel market include Canadian Solar Inc., First Solar, Inc., Hanwha Solarone Co. Ltd., JinkoSolar Holding Co., Ltd, Sharp Corp., SunPower Corp., Tata Power Solar Systems Ltd., Trina Solar Co., Ltd, and many others. The players operating in the market adopt various strategies such as technology development, product launch, mergers, and acquisitions for gaining a sustainable position in the market that further propels the growth of the market. For instance, in April 2021, ACWA Power inaugurated the 300 MW Sakaka PV IPP, Saudi Arabia's first utility-scale renewable energy project, with an investment of SAR 1.2 billion.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global solar panel market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.